Tds

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anil k srivastava (Querist)
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24 March 2012 if we(a govt. company) release a payment to a contractor before 31st march and tds deducted against this payment paid to income tax depptt. on 1st april. is there any penalty against depositing this type of tds.what is due date for depositing tds against section 194C.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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25 March 2012 The payment date is not material. It is on which date you have passed the entry and TDS will be applicable from that date. So you pass the entry of the Bill only in the month of March and pay it before due date of filing of return no penalty can be imposed.

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